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Tesla (NASDAQ:TSLA) saw a significant decline in sales of its China-made electric vehicles (EVs) for February, with a 49.2% drop compared to the same month last year.
The figures released by the China Passenger Car Association (CPCA) indicate that only 30,688 Tesla EVs were sold during the month.
The decrease was even more pronounced in the month-over-month comparison, with deliveries of the China-made Model 3 and Model Y vehicles falling by 51.5% from January.
In stark contrast, Tesla’s Chinese competitor BYD (SZ:002594) experienced a substantial increase in its passenger vehicle sales. The company, known for its Dynasty and Ocean series of EVs and plug-in hybrids, saw a 161.4% jump in sales, totaling 318,233 units in February.
Tesla’s reduced sales figures come amid a highly competitive environment, while BYD’s significant sales increase underscores the company’s growing presence and consumer demand for its range of electric and plug-in hybrid vehicles.
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